Lockdown has raised unemployment among young Indians

The coronavirus pandemic coupled with the nationwide lockdown has had severe impact on economic activities, and a the latest IANS CVoter Economic Battery Wave survey reveals that a large section of young employable Indians have been rendered jobless amid the lockdown.

The survey showed that around 47 per cent of the respondents ranging from a fresher-level to the age of 45 were either laid off by their employees, or are out of work.

Around 24.3 per cent people in the group of fresher-level to 25 years of age were out of work and 22.9 per cent respondents in the age group of 25-45 years were laid off.

The survey with a sample size of 1,397 also showed that 11.7 per cent respondents in the age group of 25-45 years were either serving leave without pay or had no income due to halt of work. Similarly, 7 per cent of the freshers, up to the age of 25 years, had to stay without any income during the lockdown period. Readmore!

The lower income group was the worst hit due to the lockdown and also in terms of losing jobs, as per the survey carried out in the first week of June. Around 27.6 per cent people in the lower income group said that they were jobless, and 21.2 per cent people of the middle-income group were laid off.

Among the higher income group, 7.2 per cent people had to face retrenchment during the lockdown.

Due to the impact of the pandemic and lockdown restrictions, companies across the globe have taken to employee retrenchment. India, which was already going through one of the worst phases of unemployment in its history, has received another jolt on this front. The concern continues as several experts predict that job losses and retrenchments are not likely to end soon.

Several companies, led by those in the aviation and hospitality segments, have resorted to job cuts apart from the other cost reduction measures of pay cuts and leaves without pay.

Aviation players, industry bodies in hospitality, restaurant and retail segments, among others, have asked the government to support their businesses and in turn avoid job losses.